a sole trader extracted the above trial balance from his books at the close of business on 31 July 2018
Notes
i. Closing inventory 31 March 2017 P6, 500
ii. Accrued salaries and wages P5, 000
iii. Prepaid rent P800
iv. Provide for depreciation as follows: Office furniture P560; Motor van P3, 750 REQUIRED:
a. Prepare a Statement of Comprehensive Income for the year ended 31 July 2018. (10 marks) b. Prepare a Statement of Financial Position as at 31 July 2018. (10 marks)
Answer & Explanation
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